This is your property classification and appraisal notice

[BackofBeyond]

Welcome to Idaho? Mine has looked similar for two straight years. I have friends that have been way worse

We’ve tripled in assessed value since 2019.

 

[BuzzH]

The good news is it’s easier to hold local officials accountable.

Yet, nobody will or does.

 

[rogerthat]

What’s the justification for the appeals? Property values have in fact skyrocketed in some of these areas per the mls listings. I would file an appeal. Our house an hour from Bozeman went up 50% but what would be my justification for an appeal?

 

[Schaaf]

What’s the justification for the appeals? Property values have in fact skyrocketed in some of these areas per the mls listings. I would file an appeal. Our house an hour from Bozeman went up 50% but what would be my justification for an appeal?

I don’t think there’s anything you can really do in most cases.

In my opinion it’s as simple as the legislature dropping the ball. They knew it was coming and chose to do nothing. This is a Department of Revenue memo sent out in November 2022.

It has been fun to watch them try to spin this giant turd though.

 

[longbow51]

I think I am the winner. Over 300% increase.

It is 14 acres of scrub that at one point was a gravel pit. No topsoil left on it.

View attachment 282466

I thought Abbott was trying to get rid of property taxes?

 

[ccc23454]

Property Tax Rates By State 2024 - Tax-Rates.org

www.tax-rates.org

https://www.usnews.com/news/best-states/articles/states-with-the-lowest-taxes

 

[Flynarrow]

Your super-majority party of the Legislature just chose to dramatically lower business equipment taxes, which further shifts tax burden onto residental property owners. And they continually vote down options for local communities to raise revenue via tourism, etc. And of course, most of them being ag-centric, they are always going ensure ag gets all the tax benefits they can muster. Voting matters.......and most of you voted them in.

 

[Bulldog0156]

How many acres?
Ball park... I'm not trying to know your business

Lol, less than 3/4 total. It's three different residential properties within city limits. Comes down to way more luck and timing than actual wealth.

 

[mdhunter]

In Maryland we have a Homestead Tax Credit which limits the increase if the property is your primary residence. Sounds like an idea for you all..

 

[BackofBeyond]

But hey, no sales tax, so there’s that.

 

[Gus Chiggins]

I occasionally miss living in Montana, but wayyyy more often I'm so glad I moved to Wyoming. Montana politics are an absolute joke, glad all the move-ins left the high taxes and liberal agenda behind.

Montana chose it's politicians, sounds like a lot of buyers remorse.

As opposed to a state that doesn’t choose its own politicians?

Lots of out of state money being pumped into other state elections for candidates and ballot initiatives.

 

[RobG]

The best hope for us is that because most every property in the county will see large assessed value increases, the millage formulas used to determine the actual tax owed will result in taxes being lower than what they estimate on the notices they sent.

Here's an article that explains this and property tax in general.

Property taxes, explained — with pictures

A visual guide to property tax math.

montanafreepress.org

Mine went up 50% on the notice. Hopefully it won't be that much due to the millage. Assessed value was in line with what the houses are selling for in my neighborhood. Renters, including mine, are going to get hammered.

 

[Labman]

Your super-majority party of the Legislature just chose to dramatically lower business equipment taxes, which further shifts tax burden onto residental property owners. And they continually vote down options for local communities to raise revenue via tourism, etc. And of course, most of them being ag-centric, they are always going ensure ag gets all the tax benefits they can muster. Voting matters.......and most of you voted them in.

Have you seen the alternative? It’s why people left the hell holes they lived in, which created insatiable demand for housing, which in turn caused the price of housing to skyrocket. I can’t think of a state that’s being run by the other party that I’d want to grow roots in.

 

[rogerthat]

Here's an article that explains this and property tax in general.

Property taxes, explained — with pictures

A visual guide to property tax math.

montanafreepress.org

Mine went up 50% on the notice. Hopefully it won't be that much due to the millage. Assessed value was in line with what the houses are selling for in my neighborhood. Renters, including mine, are going to get hammered.

We can’t pass the tax increase on to our renter. She is on a fixed income and her income increase got ate up by food cost increases. Wierd Al Yankovich “Just Eat It” will be our theme song

 

[TheTone]

In Maryland we have a Homestead Tax Credit which limits the increase if the property is your primary residence. Sounds like an idea for you all..

Idaho has it as well but our legislators decided to get rid of indexing it yearly and made it a fixed amount; then passed the savings in to businesses and commercial properties basically crushing homeowners especially given the recent explosion in home prices. As others have mentioned with a super majority in power and no threat of that changing they’re basically at no real threat to help out people. We did have some time of property tax reduction passed this year but the formula and calculation is so convoluted that I don’t think anyone has a clue what it will actually amount to

 

[manitou1]

My mortgage increased almost $200 a month this year due to tax increases here in WY!

Hey: "While everybody else is financially raping our citizens, let's join in and make them even poorer!"

 

[rogerthat]

My mortgage increased almost $200 a month this year due to tax increases here in WY!

Hey: "While everybody else is financially raping our citizens, let's join in and make them even poorer!"

Yup. FOMO

 

[Big Fin]

What’s the justification for the appeals? Property values have in fact skyrocketed in some of these areas per the mls listings. I would file an appeal. Our house an hour from Bozeman went up 50% but what would be my justification for an appeal?

That is the tough part for raw land and residential. The market determines the value.

For commercial rentals, it is a function of the return on that investment. Commercial rentals are sold based on cap rates, in other words, what is the capitalized value of the net income stream, often stated as the rate of return the investor expects when buying the property.

If the rents go up 3%, the net rental income goes up proportionately. So if a 5% cap rate it used, the 5% is applied to the net rental income. What changes the true market value of a commercial rental is either a change in the net rental income or the cap rate applied.

Some say that you just pass that tax increase to the tenants. That would be good, but it ends up suppressing what the tenant will pay in actual rents. They look at the entire cost of occupancy, whether rents or reimbursed expenses such as property taxes, insurance, etc. If reimbursed expenses go up way faster than inflation, such as property taxes, then the amount the market will bear for actual rents is going to decrease.

With that background, the basis for protest on commercial rental properties is that this large of a property tax increase will actually reduce property values by reducing net rental income to which the capitalization rate is applied. They may decline the logic, but it is true by the principles of any commercial real estate investment theory.

 

[BackofBeyond]

Idaho has it as well but our legislators decided to get rid of indexing it yearly and made it a fixed amount; then passed the savings in to businesses and commercial properties basically crushing homeowners especially given the recent explosion in home prices. As others have mentioned with a super majority in power and no threat of that changing they’re basically at no real threat to help out people. We did have some time of property tax reduction passed this year but the formula and calculation is so convoluted that I don’t think anyone has a clue what it will actually amount to

But the good news is we all got that $500 check from Brad - right before the primary. Glad he could demonstrate to his constituents that he’s all about responsible, small government. Meanwhile the state education budget is continually cut. Awesome! Thanks Uncle Brad!

 

[TheTone]

But the good news is we all got that $500 check from Brad - right before the primary. Glad he could demonstrate to his constituents that he’s all about responsible, small government. Meanwhile the state education budget is continually cut. Awesome! Thanks Uncle Brad!

Don’t spend it all in one place.